2 new hotels to be added to Sunny Day sea resort

Author
Dnevnik News
Date
13 December 2007

Sunny Day Co. said it will build at an undisclosed cost two new hotels in the Bulgarian Black Sea resort of the same name.
The first hotel will be built on the site of the existing Veronica hotel.
The second hotel will replace the existing administrative building in the resort. That project has already been granted a construction permit.
Both hotels will offer the standard range of spa services.
The funding will be sourced from the company's capital raise. The shareholders have approved lifting the capital from 471,000 to 11.326 mln levs.
Sunny Day Co. manager Georgi Gergov said 20% of the new shares will be listed on the Bulgarian stock exchange - most likely in two goes, next year.
Another portion of the capital raise proceeds will be invested in a shopping mall development in Varna. Construction is scheduled to start in late 2008.
Bank loans will make up the bulk of the funding for the 25 mln euro project.
The gated Sunny Day resort is visited by 180,000-190,000 holiday-makers annually.
Sunny Day Co. operates four hotels with approximately 1,300 beds.

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